The parlay betting system is pretty popular with players trying to win a lot of money during a game session. It is considered a positive progression betting system as gamblers increase their bet size after every win.
Probably, one of the most alluring factors of this betting strategy is that you can win loads of cash quickly on a winning streak. If you would like to learn more about how to use the parlay betting system, keep reading.
Parlay Betting System Guide Contents
- Test Out the Parlay Betting System Here
- What is the Parlay Betting Strategy?
- Parlay Betting Explained – How It Works
- Advantages of Parlay Betting Online
- Disadvantages of Online Parlay Betting
As most gamblers identify the term “parlay” with a type of sports bet, we’ll explain how it differs from the betting system used in online casino gambling. In sports wagering, a parlay bet is a combination wager that strings together many single bets into one larger bet.
For example, this may entail putting multiple moneyline and spreading bets on a single bet slip. Although parlays are hard to win, adding many outcomes to one betting slip sees your odds of winning decrease. However, the size of your parlay payout increases because you are unlikely to win.
Circling back to casino gambling, the parlay system is a positive progressive strategy that is the polar opposite of the Martingale strategy. Basically, in casino games, you increase your bet every time you win and decrease it when you lose. The idea is to get to a point where you use your winnings to make wagers if you hit a winning streak.
As mentioned above, the parlay betting strategy is straightforward. If you are struggling with figuring out how it works, we’ve got a three-step guide that will make it more manageable for you:
- Set a betting unit amount – a betting unit refers to your initial bet size. Your first bet will always be one unit. If your first bet is $10, then a single unit is $10.
- Adjust your bet size following the result – after you have placed your first bet, you plan your next bet. If you won in the previous round, you would double the number of betting units. If you lose on your first bet, you will stay at one unit. If your first loss comes after a winning streak, you will decrease your betting units.
- Set a max-win limit – winning streaks do not last forever, which is why players need to set a max win limit before they start the streak again. Let’s say your betting unit is $10, and you double your bet after each win; you could set your max win limit at $160 before starting again. This ensures you lessen your chances of losing all your winnings with a single bet.
There are some advantages associated with using the parlay betting system, including:
- Smaller bets limit losses – as mentioned above, this system’s idea is to get to a point where you use your winnings to make bets and not your bankroll. If you hit a winning streak and it comes to an end, you will have lost part of your winnings and not your bankroll.
- You are not limited to even money bets – a lot of betting systems require you to stick to even money bets. This is not true for the parlay betting system, which allows you to make any bet you like.
- Easy to follow – the strategy is easy to follow. You decide when to back away from the game, which can be pretty tricky when you’re on a hot streak, and you see potential bets reaching numbers you never thought possible.
- You profit on house money – if luck is in your favor, you’ll be using house money to profit during your game session. This means no losses.
Everything that has advantages has got disadvantages too. We wouldn’t feel right without telling you all the cons of using this betting strategy:
- No guaranteed winning streaks – to win big, you need to go on a winning streak. If you are lucky enough to hit a winning streak, you need to avoid risking too much and losing everything.
- Risk of making too many high odds bets – as you are not restricted to even money bets, there is a chance you may forget that many high-paying bets are high-risk too. If you make too many high-risk bets, you risk your chances of walking away with a profit.